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Multiexport reverses losses thanks to better prices and lower costs
2016-11-12 14:53:44 copyfrom： hits:
Salmon processing plant. (Photo: Multiexport)
Friday, November 11, 2016, 22:10 (GMT + 9)
The significant recovery of salmon sales prices in international markets together with a continuous improvement in production costs in the third quarter allowed Multiexport Foods to revert the poor results it had obtained in the same period last year.
During the June-September quarter, the company achieved operating EBIT of USD 21.8 million, USD 31.4 million higher than that recorded in the same period of 2015.
The company's pre-tax profit was USD 20.2 million, compared with a loss of USD 11.7 million a year ago, and operational EBITDA was USD 26 million, which implies USD 31.8 million more than in the same quarter of 2015.
In the third quarter of this year, Multiexport Foods harvested 4,992 tonnes of raw material, representing an increase of 4.6 per cent over the same period of the previous year. This increase is explained by the highest Atlantic salmon harvests (+12.1 per cent), partially offset by a lower coho salmon harvest (due to the late stocking of this species as a result of the algae bloom affecting the industry during the first months of the year).
In the analysed quarter, sales reached 15,592 tonnes WFE (whole fish equivalent): 15,013 tonnes of Atlantic salmon (+7.5 per cent) and 579 tonnes of trout (+16.8 per cent).
Overall, a recovery in normal harvest levels was noted during the third quarter, which were affected during the first half of the year due to the above-mentioned harmful algal bloom.
The unit operating EBIT of Atlantic salmon, which accounted for more than 96 per cent of sales in the quarter, was USD 1.43/kg WFE, which compares very favourably to USD -0.50/kg WFE In the same period of the previous year, and similarly to the USD 0.03/kg WFE obtained during the second quarter of this year.
Between January and September of this year, sales totalled 42,168 tonnes WFE (9.3 per cent less than in the period of 2015) with revenues of USD 253.4 million, which represented a year-on-year decline of 2.7 per cent
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